Electronic check conversion is a convenient method for processing payments, and the changes to how you conduct business are minimal. One of the biggest advantages of this method is that you can electronically submit checks instead of having to physically take them to the bank, which saves you time and increases employee efficiency.
When you receive a paper check payment from a customer, you put the check through the electronic scanner system from Targeted Merchant Solutions. From here the customer’s banking information is captured as well as the payment amount written on the check. The information is then electronically transferred via the Federal Reserve Bank’s ACH Network, which takes the funds from your customer’s bank account and deposits them to yours.
Once the eCheck has been processed and approved, the terminal will print a receipt for the customer to sign and keep. You cna then mark the paper check as “void” and return it to the customer. The process is smooth and simple so you can keep your business as organized as possible.